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IRS announces pension and retirement plan contribution adjustments for 2025
Read full article: IRS announces pension and retirement plan contribution adjustments for 2025The IRS has announced an increase to the amount individuals can contribute to their 401(k) plans in 2025, to $23,500, up from $23,000 in 2024.
Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years
Read full article: Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent yearsU.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns.
Over 40 Florida counties eligible to file 2023 taxes by May 2025, IRS says
Read full article: Over 40 Florida counties eligible to file 2023 taxes by May 2025, IRS saysAccording to the IRS, residents in nearly 40 counties throughout Florida will have until May 1, 2025, to finish filing their 2023 taxes.
Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decision
Read full article: Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decisionCoca-Cola Co. says it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a federal tax court decision in a case dating back 17 years.
IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
Read full article: IRS collects milestone $1 billion in back taxes from high-wealth taxpayersThe IRS has collected $1 billion in back taxes from high-wealth tax cheats โ a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administrationโs signature climate, health care and tax package signed into law in 2022.
IRS delays in resolving identity theft cases are 'unconscionable,' an independent watchdog says
Read full article: IRS delays in resolving identity theft cases are 'unconscionable,' an independent watchdog saysAn independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases.
IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper
Read full article: IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improperThe Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the โvast majorityโ are at risk of being improper.
The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
Read full article: The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the processThe Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade.
The $230 billion donor-advised fund industry gets an IRS hearing
Read full article: The $230 billion donor-advised fund industry gets an IRS hearingCongress and the Biden administration are considering what, if anything, should be done to tighten restrictions on donor-advised funds, an increasingly popular way for donors to set aside money to spend on charitable causes.
140,000 people did their taxes with the free IRS direct file pilot. But program's future is unclear
Read full article: 140,000 people did their taxes with the free IRS direct file pilot. But program's future is unclearThe IRS says more than 140,000 taxpayers filed their taxes through its new direct file pilot program.
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern
Read full article: Tax Day reveals a major split in how Joe Biden and Donald Trump would governTax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program
Read full article: IRS claws back money given to businesses under fraud-ridden COVID-era tax credit programThe IRS says itโs making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit.
The IRS launches Direct File, a pilot program for free online tax filing available in 12 states
Read full article: The IRS launches Direct File, a pilot program for free online tax filing available in 12 statesAfter weeks of testing, an electronic system for filing returns directly to the IRS is now available for taxpayers from 12 selected states.
A new IRS program is helping its first users file their income taxes electronically. And it's free
Read full article: A new IRS program is helping its first users file their income taxes electronically. And it's freeThe government's new free electronic filing system for income tax returns is getting its first users this filing season.
IRS launches direct file pilot program in Florida for the 2024 tax season โ here is how it works
Read full article: IRS launches direct file pilot program in Florida for the 2024 tax season โ here is how it worksWith income tax filing season officially underway, a limited number of taxpayers in 12 states are now eligible to join an IRS pilot program that will allow them to calculate and submit their returns to the government directly without using commercial tax preparation software.
IRS watchdog: Contractors who failed background checks maintained access to sensitive agency systems
Read full article: IRS watchdog: Contractors who failed background checks maintained access to sensitive agency systemsA new IRS inspector general report says the agency continued to give 19 contractors access to sensitive systems despite failing background reports as recently as last July.
IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
Read full article: IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new fundingThe IRS says it expects to collect hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated using funding provided to the agency by the Democratsโ Inflation Reduction Act.
The IRS is launching a direct file pilot program for the 2024 tax season โ here is how it will work
Read full article: The IRS is launching a direct file pilot program for the 2024 tax season โ here is how it will workAs tax filing season officially starts Monday, a limited number of taxpayers in 12 states will soon be eligible for a program that will allow them to calculate and submit their returns directly to the IRS without having to pay for commercial tax preparation software.
Tax season is under way. Here are some tips to navigate it.
Read full article: Tax season is under way. Here are some tips to navigate it.Tax season starts today and for many people filing U.S. tax returns โ especially those doing it for their first time โ it can be a daunting task thatโs often left to the last minute.
Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich people
Read full article: Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich peopleA former contractor for the Internal Revenue Service who pleaded guilty to leaking tax information to news outlets about former President Donald Trump and thousands of the countryโs wealthiest people was sentenced to five years in prison on Monday.
A COVID-era program is awash in fraud. Congress aims to wind it down and expand the child tax credit
Read full article: A COVID-era program is awash in fraud. Congress aims to wind it down and expand the child tax creditCongress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic.
IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again
Read full article: IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet againThe IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires.
For IRS, backlogs and identity theft problems remain, but there is 'cautious optimism' watchdog says
Read full article: For IRS, backlogs and identity theft problems remain, but there is 'cautious optimism' watchdog saysThe IRS is still too slow to process amended tax returns, answer taxpayer phone calls and resolve identity theft cases, according to an independent watchdog within the agency.
NIL nonprofits can't lose in College Football Playoff championship
Read full article: NIL nonprofits can't lose in College Football Playoff championshipNo matter who takes home the College Football Playoff championship Monday night in Houston, a rare nonprofit from the murky, still-developing world of Name, Image, Likeness programs is set to come out on top.
IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021
Read full article: IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021The IRS says it's going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 a year for tax years 2020 or 2021.
IRS plans limited rollout of free e-file tax return system with invitations to select taxpayers
Read full article: IRS plans limited rollout of free e-file tax return system with invitations to select taxpayersThe IRS plans to invite a select group of taxpayers across 13 states to try out the agencyโs pilot electronic free file tax return system, beginning this January.
Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy people
Read full article: Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy peopleA former contractor for the Internal Revenue Service charged with leaking tax information to news outlets about former President Donald Trump and thousands of the countryโs wealthiest people pleaded guilty Thursday in an agreement with prosecutors.
IRS says Microsoft may owe more than $29 billion in back taxes; Microsoft disagrees
Read full article: IRS says Microsoft may owe more than $29 billion in back taxes; Microsoft disagreesThe Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest.
IRS contractor charged with leaking tax return information of Trump, wealthy people
Read full article: IRS contractor charged with leaking tax return information of Trump, wealthy peopleA former contractor for the Internal Revenue Service has been charged with leaking tax information to news outlets about thousands of the countryโs wealthiest people.
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
Read full article: IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claimsThe Internal Revenue Service said Thursday it will pause accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent.
The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
Read full article: The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxesThe IRS is launching an effort to crack down on 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperwork
Read full article: IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperworkMost taxpayers will be able to digitally submit a slew of tax documents and other communications to the IRS next filing season and the agency plans to go completely paperless in 2025.
IRS is ending unannounced visits to taxpayers to protect worker safety and combat scammers
Read full article: IRS is ending unannounced visits to taxpayers to protect worker safety and combat scammersThe IRS says it is ending its decades-old policy of making unannounced home and business visits โ in a an effort to keep its workers safe and combat scammers who pose as IRS agents.
IRS steps toward a new free-file tax return system have both supporters and critics mobilizing
Read full article: IRS steps toward a new free-file tax return system have both supporters and critics mobilizingPlans by the IRS to test a new electronic free-file tax return system next year have got supporters and critics of the idea mobilizing over whether the government should set up a permanent program to help people file their taxes without needing to pay somebody else to figure out what they owe.
IRS says it collected $38 million from more than 175 high-income tax delinquents
Read full article: IRS says it collected $38 million from more than 175 high-income tax delinquentsThe IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avoid budget cuts sought by Republicans who want to gut the agency.
IRS reduces tax return backlog by 80% and is doing better job answering the phone
Read full article: IRS reduces tax return backlog by 80% and is doing better job answering the phoneThe IRS has processed tens of millions of tax returns faster this year compared with years past, and getting through to customer service on the phone is slowly improving.
Republicans get their IRS cuts; Democrats say they expect little near-term impact
Read full article: Republicans get their IRS cuts; Democrats say they expect little near-term impactWhile Republicans seek to make good on campaign promises to cut IRS funding through the proposed debt ceiling and budget cuts package now moving through Congress, Democrats are offering assurances that the spending cuts will have little impact on the federal tax collector.
IRS expected to fill more than 200 customer service positions in Jacksonville
Read full article: IRS expected to fill more than 200 customer service positions in JacksonvilleIf youโre looking for a job this summer, the Internal Revenue Service is searching to fill over 200 customer service positions in Jacksonville.
IRS takes steps to protect identity of workers in effort to deter personal threats
Read full article: IRS takes steps to protect identity of workers in effort to deter personal threatsThe IRS is taking steps to protect the identity of its workers in an effort to deter personal threats aimed at the tax agency's employees.
IRS nominee Werfel faces questioning on 'thankless' job
Read full article: IRS nominee Werfel faces questioning on 'thankless' jobSenators who have been arguing over how much money to give the IRS and how it should be spent found at least one point of unanimity as they considered President Joe Bidenโs nominee to lead the agency on Wednesday.
As tax season begins, here are the changes you should know about
Read full article: As tax season begins, here are the changes you should know aboutItโs now time to start gathering those W2s and all your financials together for Uncle Sam. This year youโll notice some changes, especially when it comes to refunds.
Watchdog sees 'light at the end of the tunnel' for the IRS
Read full article: Watchdog sees 'light at the end of the tunnel' for the IRSThe IRS is beginning to see โa light at the end of the tunnelโ of its customer service struggles, thanks to tens of billions of new money from the Democratsโ climate and health law and the authority to hire more people.
IG: Tax audits in years of Comey, McCabe reviews were random
Read full article: IG: Tax audits in years of Comey, McCabe reviews were randomA watchdog investigation initiated after the tax returns of two former FBI directors had been subjected to intensive audits during the Trump administration has concluded that the reviews from those years were conducted at random.
IRS contractor gets more scrutiny in congressional report
Read full article: IRS contractor gets more scrutiny in congressional reportHouse investigators say a federal contractor that provided identity verification services for the Internal Revenue Service overstated its capacity to perform its services.
IRS issues tax relief for Floridians following Hurricane Ianโs devastation
Read full article: IRS issues tax relief for Floridians following Hurricane Ianโs devastationThe Internal Revenue Service announced Thursday that taxpayers affected by Hurricane Ian are eligible to receive tax relief following the recent disaster declaration issued by the Federal Emergency Management Agency.
St. Simons Island man gets time served for bomb threat to New York IRS office
Read full article: St. Simons Island man gets time served for bomb threat to New York IRS officeA 34-year-old Glynn County man accused of threatening to blow up an Internal Revenue Service office in New York was sentenced to time served and placed on three years of supervised release.
Father & son owners of Jacksonville construction firms plead guilty to conspiring to defraud IRS
Read full article: Father & son owners of Jacksonville construction firms plead guilty to conspiring to defraud IRSA father and son, who own construction subcontracting companies in Jacksonville, face a maximum of five years in prison if convicted on federal charges, according to the U.S. Attorneyโs Office.
Tougher IRS enforcement central to Dem economic package
Read full article: Tougher IRS enforcement central to Dem economic packageOne of Washingtonโs favorite punching bags, the Internal Revenue Service, may finally get the resources itโs been asking Congress for if Democrats get their economic package focused on energy and health care over the finish line.
Most Americans could file their taxes for free, but don't
Read full article: Most Americans could file their taxes for free, but don'tA new government watchdog report finds that while most Americans are eligible to file their taxes for free, only a fraction use the services provided through the government.
5 situations in which pets can be used for tax breaks
Read full article: 5 situations in which pets can be used for tax breaksFor those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you canโt.
IRS plans to hire 10,000 workers to relieve massive backlog
Read full article: IRS plans to hire 10,000 workers to relieve massive backlogThe IRS is announcing plans to hire 10,000 new workers to help reduce a massive backlog that the Biden administration says will make this tax season the most challenging in history.
Please hold: Pricey way to jump IRS phone line at tax time
Read full article: Please hold: Pricey way to jump IRS phone line at tax timeAt a time when calls to the IRS have reached record levels, a private company lets those who are willing to pay jump to the front of the line to get their phone calls answered.
IRS to end use of facial recognition to identify taxpayers
Read full article: IRS to end use of facial recognition to identify taxpayersThe IRS sys it will stop using facial recognition technology to authenticate people who create online accounts after the practice came under criticism from privacy advocates and lawmakers.
Child tax credit causing headaches for parents across the country as tax filing season gets underway
Read full article: Child tax credit causing headaches for parents across the country as tax filing season gets underwayAs tax filing season gets underway, parents are working to figure out what to do about the child tax credit, including those monthly advanced payments.
Complaint alleges group funneled data from RNC to lawmakers
Read full article: Complaint alleges group funneled data from RNC to lawmakersA complaint filed with the IRS alleges that a conservative group is violating its nonpartisan and nonprofit status by using a voter data system linked to the Republican party.